Business
Augen Capital announces record results
Augen Capital announces record results.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nShares outstanding: 35,915,615\n\n\nTORONTO, April 27 /CNW/ - Augen Capital Corp. ("Augen" or the "Company")\n(TSX-V:AUG) is pleased to announce its audited consolidated financial results\nfor the year ended December 31, 2006. The highlights are as follows:\n\n\n- Income was $7.1 million, up 223% from $2.2 million in 2005;\n\n- Net earnings were $2.9 million in 2006, up from $0.9 million in 2005,\n representing $0.09 per share as compared to $0.03 per share;\n\n- Assets increased 145% to $10.3 million at December 31, 2006 from $4.2\n million in 2005.\n\n\n"Augen's investment performance for both the managed products and\nmerchant banking portfolio was strong in 2006 and our 2005 limited partnership\noffering set the benchmark for performance in the flow-through business. 2006\nwas our record year to date and the outlook in our specialist area of the\nnatural resource sector is exceptionally favourable. The merchant banking\nportfolio has been realigned into five significant positions including Augen\nGold Corp., Energy Fuels Inc, Polar Bear Explorations, Uravan Minerals, and a\npreviously announced uranium play. Augen is a financier of first resort for\nemerging resource companies and the contribution of our Merchant Banking\ndivision should see significant growth in the current year, underpinned by the\nrecurring cash flow of the Managed Products division," said J. David Mason,\nChairman of Augen.\n\n\nThe Company restated its consolidated quarterly results for the first\nthree quarters of 2006 to reflect a change in timing of the recognition of\nperformance fee income and incentive compensation. The restatement has no\nimpact on the cash flow of the Company. The impact of these restatements have\nbeen disclosed in further detail in the 2006 Management's Discussion and\nAnalysis and is summarized in the following table:\n\n\n-------------------------------------------------------------------------\n$000's (except per Q4 2006 Q3 2006 Q2 2006\n share data) Reported Reported Restated Reported Restated\n-------------------------------------------------------------------------\nPerformance fees\n income (YTD) 875 691 89 833 89\nIncome (YTD) 7,128 3,936 3,334 3,234 2,490\nIncentive compensation\n (YTD) 508 650 52 535 70\nExpenses before income\n taxes (YTD) 3,109 2,536 1,938 1,792 1,327\n--------...